First National Bank Flashcards, test questions and answers
Discover flashcards, test exam answers, and assignments to help you learn more about First National Bank and other subjects. Don’t miss the chance to use them for more effective college education. Use our database of questions and answers on First National Bank and get quick solutions for your test.
We've found 9 First National Bank tests
Accounting
First National Bank
Reduce The Price
Chapter 6 Calculations – Flashcards 31 terms

Ben Stevenson
31 terms
Preview
Chapter 6 Calculations – Flashcards
question
Assume ABC Company deposits $70,000 with First National Bank in an account earning interest at 6% per annum, compounded semi-annually. How much will ABC have in the account after five years if interest is reinvested?
answer
94,070 70,000x1.34392=94070
question
Charlie Corp. is purchasing new equipment with a cash cost of $250,000 for an assembly line. The manufacturer has offered to accept $57,400 payment at the end of each of the next six years. How much interest will Charlie Corp. pay over the term of the loan?
answer
94,400 (54,400 x 6)-250,000
question
If a savings account pays interest at 4% compounded quarterly, then the amount of $1 left on deposit for 5 years would be found in a table using
answer
1% 4x5=20; 4%/4= 1%
question
If an individual deposits $8,000 in a savings account today, what amount of cash would be available two years from today?
answer
$8,000 ÷ 0.826
question
What is the present value today of $9,000 to be received six years from today?
answer
$9,000 × 0.621 × 0.909
question
What amount should be deposited in a bank today to grow to $6,000 three years from today?
answer
$6,000 × 0.751
question
What amount should an individual have in a bank account today before withdrawal if $7,000 is needed each year for four years with the first withdrawal to be made today and each subsequent withdrawal at one-year intervals? (The balance in the bank account should be zero after the fourth withdrawal.)
answer
$7,000 + ($7,000 × 0.909) + ($7,000 × 0.826) + ($7,000 × 0.751)
question
At the end of two years, what will be the balance in a savings account paying 6% annually if $15,000 is deposited today? The future value of one at 6% for one period is 1.06.
answer
16,854 15,000 x (1.06)^2
question
Mordica Company will receive $300,000 in 7 years. If the appropriate interest rate is 10%, the present value of the $300,000 receipt is
answer
$153,948. 300,000x .51316
question
Dunston Company will receive $300,000 in a future year. If the future receipt is discounted at an interest rate of 10%, its present value is $153,948. In how many years is the $300,000 received?
answer
7 years
question
Milner Company will invest $500,000 today. The investment will earn 6% for 5 years, with no funds withdrawn. In 5 years, the amount in the investment fund is
answer
$669,115.
question
Barber Company will receive $900,000 in 7 years. If the appropriate interest rate is 10%, the present value of the $900,000 receipt is
answer
$461,844.
question
Barkley Company will receive $400,000 in a future year. If the future receipt is discounted at an interest rate of 8%, its present value is $252,068. In how many years is the $400,000 received?
answer
6 years
question
Altman Company will invest $700,000 today. The investment will earn 6% for 5 years, with no funds withdrawn. In 5 years, the amount in the investment fund is
answer
$936,761.
question
John Jones won a lottery that will pay him $3,000,000 after twenty years. Assuming an appropriate interest rate is 5% compounded annually, what is the present value of this amount?
answer
$1,130,670.
question
Angie invested $150,000 she received from her grandmother today in a fund that is expected to earn 10% per annum. To what amount should the investment grow in five years if interest is compounded semi-annually?
answer
$244,335.
question
Bella requires $160,000 in four years to purchase a new home. What amount must be invested today in an investment that earns 6% interest, compounded annually?
answer
$126,734.
question
What interest rate (the nearest percent) must Charlie earn on a $226,000 investment today so that he will have $570,000 after 12 years?
answer
8%.
question
Ethan has $160,000 to invest today at an annual interest rate of 4%. Approximately how many years will it take before the investment grows to $324,000?
answer
18 years.
question
Jane wants to set aside funds to take an around the world cruise in four years. Assuming that Jane has $12,000 to invest today in an account expected to earn 6% per annum, how much will she have to spend on her vacation?
answer
$15,150.
question
Jane wants to set aside funds to take an around the world cruise in four years. Jane expects that she will need $12,000 for her dream vacation. If she is able to earn 8% per annum on an investment, how much will she have to set aside today so that she will have sufficient funds available?
answer
$8,820.
question
What would you pay for an investment that pays you $2,500,000 after forty years? Assume that the relevant interest rate for this type of investment is 6%.
answer
$243,050.
question
What would you pay for an investment that pays you $30,000 at the end of each year for the next ten years and then returns a maturity value of $450,000 after ten years? Assume that the relevant interest rate for this type of investment is 8%.
answer
$409,737.
question
Anna has $15,000 to invest. She requires $25,000 for a down payment for a house. If she is able to invest at 6%, how many years will it be before she will accumulate the desired balance?
answer
9 years.
question
Lucy and Fred want to begin saving for their baby's college education. They estimate that they will need $150,000 in eighteen years. If they are able to earn 6% per annum, how much must be deposited at the beginning of each of the next eighteen years to fund the education?
answer
$4,579.
question
Lucy and Fred want to begin saving for their baby's college education. They estimate that they will need $100,000 in eighteen years. If they are able to earn 5% per annum, how much must be deposited at the end of each of the next eighteen years to fund the education?
answer
$3,555.
question
Jane wants to set aside funds to take an around the world cruise in four years. Jane expects that she will need $12,000 for her dream vacation. If she is able to earn 8% per annum on an investment, how much will she need to set aside at the beginning of each year to accumulate sufficient funds?Pearson Corporation makes an investment today (January 1, 2014). They will receive $9,000 every December 31st for the next six years (2014 - 2019). If Pearson wants to earn 12% on the investment, what is the most they should invest on January 1, 2014?
answer
$2,466.
question
Garretson Corporation will receive $10,000 today (January 1, 2014), and also on each January 1st for the next five years (2015 - 2019). What is the present value of the six $10,000 receipts, assuming a 12% interest rate?
answer
$46,048.
question
Spencer Corporation will invest $20,000 every December 31st for the next six years (2014 - 2019). If Spencer will earn 12% on the investment, what amount will be in the investment fund on December 31, 2019?
answer
$162,304.
question
Tipson Corporation will invest $20,000 every January 1st for the next six years (2014 - 2019). If Tipson will earn 12% on the investment, what amount will be in the investment fund on December 31, 2019?
answer
$181,780.
question
Hiller Corporation makes an investment today (January 1, 2014). They will receive $50,000 every December 31st for the next six years (2014 - 2019). If Hiller wants to earn 12% on the investment, what is the most they should invest on January 1, 2014?
answer
$205,571.
A Level History
Cruel And Unusual Punishment
Date
First National Bank
Merchants And Traders
Political History
Revolution
World History
History of Civ since 1650 BJU online: Unit 1 Absolutism to the Ancien regime – Flashcards 113 terms

Pat Coker
113 terms
Preview
History of Civ since 1650 BJU online: Unit 1 Absolutism to the Ancien regime – Flashcards
question
Glorious Revolution (date)
answer
1688
question
Toleration Act (date)
answer
1689
question
Charles II ascended the throne of England after Cromwell's execution (date)
answer
1661
question
revocation of the edict of nantes (date)
answer
1685
question
Peace of Ryswick (date)
answer
1697
question
Peace of Utrecht (date)
answer
1713
question
Great Northern War (date)
answer
1700-1721
question
Galileo's trial (date)
answer
1633
question
witch hunts in Europe (date)
answer
1400-1700
question
Hobbes and Bossaway supported
answer
absolutism (who supported it)
question
Bishop Bossuet was
answer
catholic priest, frenchman, religious justification for absolutism; wrote "Politics drawn from scriptures", claimed that royal birthright was the only right kind of king; "royal power is absolute...The prince need render account of his acts to no one."
question
Hobbes was
answer
english, not exactly an atheist, secular justification for absolutism; wrote "Leviathan" at the height of the puritan power, man's power solitary, poor, nasty, brutish, and short
question
Hobbes taught
answer
in the house of Louis XIV
question
"Leviathan" ideas
answer
the ruler is working for the benefit of the whole of the people
question
The stewart family overthrown by
answer
English Revolutionaries overthrew
question
James I of England raised money before being regulated by Parliament by
answer
levying new trade impositions
question
Puritans believed
answer
the anglican church had not reformed enough; they made a petition to get rid of vestments, decorations, priests, etc, but were denied because the king didn't think they would stop there
question
Seperatists
answer
people who wanted to sever their ties with the church of england, eventually pilgrims
question
James I did
answer
made peace with spain, granted payment for an authorized version of the bible in english, which was named after him
question
Charles I was
answer
absolutist, tried to go without Parliament, signed the petition of right, then dissolved parliament, but was forced to go to parliament when he got involved with Scotland
question
Petition of right
answer
no tax money without parliamentary consent, no martial law in peacetime, and reaffirmed habeus corpus
question
brought about Charles I's defeat
answer
Archbishop Laud of Canterbury attempted to enforce anglican conformity in Scotland when it was Presbyterian, causing Charles to call on Parliament for war
question
The Long Parliament lasted
answer
20 years (1640-1660)
question
Cromwell was
answer
the lord protector after the beheading of Charles I and the English civil war
question
The Cavaliers and Roundheads were groups during
answer
the English Civil War (sides)
question
The Cavaliers were
answer
Royalists during the English Civil War
question
The Roundheads were
answer
Parliamentarians during the English Civil War
question
Charles I was executed in
answer
1649
question
Cromwell dies in
answer
1658
question
The first of the Restored Stuarts after the English Civil War
answer
Charles II
question
How long did the Protectorate last
answer
the form of government that lasted only 5 years
question
The Clarendon Code
answer
issued by parliament to keep the anglican church supreme and expel all non-anglicans from the government positions
question
The purpose of the treaty of dover
answer
Charles II got aid through his cousin Louis XIV and agreeing not to fight
question
the rise of the Whigs and Tories happened during
answer
Charles II's reign (uprising)
question
Whigs
answer
supported Charles II
question
Tories
answer
against Charles II
question
who was James II
answer
Charles II's brother; had two daughters Ann and Mary; converted to Catholicism; and had a son from his second wife
question
Ann, daughter of James II, married
answer
married the Prince of Denmark
question
Mary, daughter of James II, married
answer
married William, prince of Orange
question
The Glorious Revolution (what happened)
answer
Parliament made a move to get rid of James II, and invited William III of Orange and Mary II (James II's daughter) to the throne
question
why was the Glorious Revolution glorious
answer
there was little bloodshed
question
Bill of Rights (england, date)
answer
1689 (not toleration act)
question
what did the toleration act do
answer
tolerated protestant dissenters
question
Act of Settlement (date)
answer
1701
question
what did the act of settlement do
answer
the monarch could only be protestant
question
John Locke wrote
answer
"Of Civil Government", First and Second Treatise of Government, Letter concerning Toleration, and Essay concerning Human Understanding
question
what did the act of union do
answer
joined the british isles into greater britan
question
The Jacobites rose
answer
between Ann and Hanoverians and 2nd hanoverian
question
what is Hanover
answer
a province in germany
question
How did the office of prime minister form
answer
the government became more separated from the royal household and a cabinet government ensued
question
the purpose of a prime minister
answer
executive duties
question
the first prime minister of england
answer
Walpole
question
Why was absolutism limited in the netherlands
answer
they weren't tightly united
question
Who did the people of netherland turn to in a crisis
answer
William of Orange
question
Leopold I stopped
answer
stopped the Ottoman advance in Vienna
question
Pragmatic Sanction
answer
Charles VI issued it trying to protect his daughter Maria Theresa from the surrounding country
question
Joseph II
answer
Maria Theresa's son
question
the austrian habsburgs controlled
answer
bohemia, hungary, croatia, and transylvania; they eventually took over the turks
question
Frederick William, the Great Elector
answer
the first of the Hohenzallern dynasty; religiously tolerant, and subdued the Junkers (young men outside of prussia)
question
Frederick I (son of Frederick William)
answer
the first King in Prussia, granted for helping Leopole I Habsburg fight the turks; built up his army; "Salvation is of the Lord; everything else is my business"
question
Frederick II (the Great, son of Frederick I)
answer
claimed Silesia and started the war of austrian succession, disregarding the Pragmatic Sanction; wanted agriculture and education to strengthen his country, loved music and france, loved Voltaire and had him visit; able to expand prussian holdings
question
Ivan III
answer
threw off the mongol rule and established independent russia
question
Ivan IV the Terrible
answer
revised the law code, and waas the first to use the title Tzar; unstable ruler, violent man
question
The Romanov dynasty brought what to Russia
answer
dynasty that brought peace and stability to russia
question
Peter Romanov the Great
answer
expanding absolutist monarch, westernized Russia; had Beard laws, stopped Swedish advance in the Great Northern War, and took Baltic territory; established St. Petersburg as the new capital
question
Poland
answer
had not central authority or concrete borders, and was taken apart; they had the type of government that if one body objects, it negates everything done in the parliament
question
How we investigate the world around us
answer
through our reason, senses, experience, emotions, intuition, and faith
question
Scientific Revolution
answer
the questioning of inadequate authorities of the past through superstition and challenging church authority
question
the Scientific Method
answer
credited to Bacon; ordered questioning or investigation
question
caused the Scientific Revolution
answer
explosion of knowledge and renaissance curiosity; emphasis on human reasoning and desire to reveal truth about the world around us; assumptions include that the senses and mind can make something of the universe, and that the method of science applies to all inquiry, and that humans are improvable
question
Renee Descartes
answer
Mathematician, relied on deductive reasoning; wrote "Discourse on Method'
question
Deductive Reasoning
answer
general to specific (>), drawing conclusions from a premice
question
Francis Bacon
answer
inductive reasoning, the scientific method depends on inductive reasoning
question
Inductive Reasoning
answer
specific to general (<), developing a theory from specific instances
question
Nervo Morganum
answer
to discover the world and universe
question
Copernicus
answer
polish astronomer, mathematician, heliocentric theory using mathematics
question
Brahe
answer
attempted to find middle ground between heliocentric and geocentric using
question
Kepler
answer
realized Brahe was wrong, and that orbits were elliptical, worked from Brahe's observations
question
Galileo
answer
developed a telescope, confirmed and taught heliocentric, studied physics, got in trouble with the papacy for teaching heliocentric (tried in 1630)
question
Kepler, Galileo, and Issac Newton
answer
lead to a new understanding of the universe
question
Newton
answer
the math describing heliocentric wasn't satisfactory, and invented calculus, the law of gravity, and the reflecting telescope; thought that all nature is governed by laws, including outer space; experimented with light
question
John Locke
answer
writings about toleration and human understanding, influenced many different groups of people, royal societies, academies, and botanical garden; argued about the nature of government and what it was supposed to do and where it derived and how it should be changed.
question
First Treatise of Government
answer
consent from the governed, response to Bossuei
question
Second Treatise of Government
answer
state of nature is condition, government supposed to mediate not dominate; if government wasn't supported of the people, the people had to replace it
question
Letter Concerning Toleration
answer
governments should promote toleration, supposed to protect property, not supposed to dictate religion
question
Essay concerning Human Understanding
answer
how people learn, through experience, empiricism, empirical learning; argued that at birth, the brain is a blank slate (tabula rasa)
question
Colbert
answer
French academy of science, he was a financial minister of Louis XIV
question
The people in academies were usually
answer
the class aristocrats
question
Sir Issac Newton was a member of
answer
member of the Academy in England
question
the purpose for botanical gardens
answer
collecting samples and crossbreeding
question
Queen Christina of Sweden
answer
patroness of arts and science, entertained Descartes
question
Women of science were usually
answer
of the upper crust and had a male tutor
question
Margaret Cavendish
answer
a duchess who had time and money for education, study, tutors, and experimentation
question
Les Pascal
answer
a french Mathematician opposing skepticism or dogmatism; Macrouniverse and Microuniverse, worth of man
question
Conflict between science and tradition
answer
witchcraft and witch hunters
question
the targets of witch hunters
answer
mostly women, especially those who did not have any family, and knew about the natural world, especially midwives, healers, and herbalists
question
Baroque means
answer
overblown and dramatic, grandness and drama to art, active and heroic actions; label given by artists in the neo-classical period
question
The Ancien Regime means
answer
the former order; before the French Revolution
question
The 3 broad social classes of the Ancien Regime
answer
aristocracy, urban dwellers, and peasant farmers
question
growing working class
answer
the urban dwellers and waged labor
question
members of established churches were close to
answer
the state and aristocracy
question
aristocracy is
answer
1-5% population, wealth from the land, rented to farmers, and through agricultural production, interested in economic growth and innovation to increase profits
question
how were the serfs' status being endangered
answer
loss of traditional privileges through the manor system, the landowners were gaining power over the land and displacing peasants, and eventually were pushed into urban areas and into the wage-earning class; they were also subject to taxes, but couldn't pay money
question
corvee
answer
a labor requirement for a certain amount of time for the government
question
Why were there peasant rebellions
answer
they were losing their traditional rights and conditions
question
Pugachev's Rebellion
answer
in russia, violent and bloody rebellion against the central state authority; Catherine II executed him brutally
question
rural english riots
answer
protest of machinery, loss of pastureland
question
Families
answer
the basic unit of production and consumption
question
Why was living alone suspicious
answer
it was hard to live alone and sustain oneself
question
Variables of families
answer
age of marriage, size of households, number of generations, extended and nuclear family
question
how were women vulnerable in families
answer
they could die during childbirth
question
Children without a childhood instead of playing did
answer
worked at factories and helped their families with planting, weeding, and harvesting
question
What caused combined complex families with stepkids
answer
the high mortality rate caused
First National Bank
Politics of the United States
Second National Bank
National bank – Flashcards 11 terms

Gracie Stone
11 terms
Preview
National bank – Flashcards
question
What was the main action President Jackson took regarding the Second National Bank?
answer
Jackson vetoed an extension of its charter, causing it to dissolve.
question
After the First National Bank's charter expired,
answer
a Second National Bank was chartered a few years later
question
One argument against the spoils system was that it
answer
might lead to an abuse of power.
question
What impact did the spoils system have on American government?
answer
The spoils system was debated long after Jackson's presidency had ended.
question
In the 1830s, what was one argument against the Second National Bank?
answer
The bank took money from common people for the wealthy.
question
As a response to the National Bank issue during Jackson's presidency, Henry Clay
answer
helped to organize the Whig Party
question
What set Andrew Jackson's presidency apart from the administrations that came before it?
answer
Jackson assumed command of the policy-making process instead of waiting for Congress to take the lead
question
During his presidency, Andrew Jackson successfully established
answer
the spoils system.
question
Which of the following describes an action taken by President Andrew Jackson that prompted the creation of a new political party?
answer
Jackson's veto of the charter extension for the Second National Bank prompted the creation of the Whig Party.
question
As the Second National Bank faltered, President Jackson
answer
removed funds from the bank and deposited them in state banks.
question
Which of the following US presidents was strongly associated with the spoils system?
answer
Andrew Jackson
Business Law
First National Bank
Legal Management
Third Party
Third Party Beneficiary
ch.19 business law – Flashcards 39 terms

Sarah Taylor
39 terms
Preview
ch.19 business law – Flashcards
question
Privity of contract
answer
Parties not in ______ usually do not have rights to a contract.
question
Obligor
answer
Which of the following is a contractual party who agrees to do something for the other party?
question
Obligee
answer
Which of the following is a contractual party who agrees to receive something from the other party?
question
Assignment
answer
Which of the following occurs when a party to a contract transfers his or her rights to a contract to a third party?
question
Assignor
answer
What is the term for the party to a contract who transfers his or her rights to a contract to a third party?
question
Assignee
answer
What is the term for the third party who receives an assignment of contract rights?
question
Assignees are offered more protection than assignors.
answer
Which of the following is false regarding the rights of an assignee and assignor?
question
No form is required.
answer
Which of the following, if any, is needed in order for an assignment to be valid?
question
In some cases, assignments may be made orally.
answer
Which of the following is true regarding oral assignments?
question
When the only part of a contract left to be fulfilled is the payment.
answer
Which of the following is an exception to the general rule that rights to a contract cannot be assigned when a contract is personal in nature?
question
Sally will win because Paul's attempted assignment would increase the duties to which she agreed.
answer
Sally agrees to mow Paul's yard for $300 for the summer. Paul wishes to assign the contract to his grandmother. Sally objects because Paul's yard is very small while his grandmother's yard is over an acre. Which of the following is the correct legal outcome for the dispute between Sally and Paul?
question
Antiassignment
answer
When parties include a[n] ______ clause in their contract, the parties are attempting to limit their ability to assign their rights under the contract.
question
Assignments made by operation of law, assignments for the right to receive monetary payments, and assignments for the right to receive damages for a breach of contract to sell goods or services may be assigned even in the presence of an antiassignment clause.
answer
Which of the following is true regarding whether a contract may be assigned even in the presence of an antiassignment clause?
question
The case was remanded for trial on the issue of whether adequate police protection was provided in view of the fact that the plaintiff was an intended third-party beneficiary to the contract between the school board and the athletic association.
answer
Which of the following was the result in the case in the text Wesley Locke v. Ozark City Board of Education, in which an umpire was injured by an angry parent and sued claiming that he was an intended third-party beneficiary under a contract the defending board of education had with the Alabama High School Athletic Association requiring police protection which was not provided?
question
The first-assignment-in-time rule
answer
Which of the following states that in the case of multiple assignments of the same right, the first party granted the assignment is the party correctly entitled to the contractual right?
question
The English rule
answer
Which of the following states that in the case of multiple assignments of the same right, the first assignee to give notice of assignment to the obligor is the party with rights to the contract?
question
Delegation
answer
A[n] ______ occurs when a party to a contract transfers his or her duty to perform to a third party who is not part of the original contract.
question
Delegator
answer
A party to a contract who transfers his or her duty to perform to a third party who is not part of the original contract is called a[n] _____.
question
Delegatee
answer
A third party, who is not part of an original contract, but to whom duty to perform contained in the original contract is transferred is called a[n] _____.
question
Bill continues to be bound to Judy to see that her car gets washed.
answer
Bill contracts with Judy to wash her car and then delegates the duty to Paul. Paul fails to wash the car. Which of the following is true regarding Bill's duty to Judy, if any?
question
Ally cannot enforce the assignment because it was not in writing.
answer
Paul and Mary have an agreement that Mary will buy Paul's house. Later Mary orally assigns the right to buy the house to Ally, one of Paul's former girlfriends. When Ally shows up with the money, Paul says "No way! You ditched me to date Rick. I'm not ever letting you get anything from me!" Which of the following is true in regard to the dispute between Paul and Ally?
question
When a private party is involved, the assignor must first get the obligor's approval before an assignment is made.
answer
Which of the following is true regarding assignment of rights in China?
question
Third-party beneficiary
answer
A[n] ______ is created when two parties enter into a contract with the intended end purpose of benefiting a third party.
question
Intended
answer
A[n] ______ beneficiary is a third party to a contract who is intended to be benefited directly from the contract made by the contracting parties.
question
Promisor
answer
The ______ in a third-party beneficiary contract is the party to the contract who made the promise that benefits the third party.
question
Promisee
answer
The ______ in a third-party beneficiary contract is the party to the contract who owes something to the promisor in exchange for the promise made to the third-party beneficiary.
question
Donee and creditor, but not incidental
answer
Which of the following is a type of intended beneficiary?
question
Creditor
answer
A[n] ______ beneficiary is a third party who benefits from a contract in which the promisor agrees to pay the promisee's debt.
question
Donee
answer
A[n] ______ beneficiary is a third party who benefits from a contract in which the promisor agrees to give a gift to the third party.
question
Vesting
answer
Which of the following references the maturing of rights such that a party can legally act on the rights?
question
Valid
answer
Creditor beneficiaries can enforce their rights under a contract whenever the contract is _____.
question
Familial
answer
The state of New York does not grant a donee beneficiary the right to enforce a contract unless the promisee is connected to the donee through a ______ relationship.
question
Promisor
answer
When a donee beneficiary may enforce rights under a contract, it may be done so only against the ____.
question
Incidental
answer
A[n] ______ beneficiary is one who unintentionally gains a benefit from a contract between other parties.
question
An incidental beneficiary cannot sue to enforce a contract which provided incidental benefits.
answer
Which of the following is true regarding the rights of an incidental beneficiary to a contract to sue to recover incidental rights?
question
The courts ask if a reasonable person in the position of the party in question would believe the contracting parties intended to benefit the party in question.
answer
Which of the following is a consideration of courts in determining whether a person is an incidental or intended beneficiary?
question
Whether performance of the contract is done directly to the third party, the third party's ability to control the specifics of performance of the contract, and whether the contract directly states that the third party is the benefiting party.
answer
Which of the following is true regarding factors considered by a court in determining whether a party is an intended or incidental beneficiary?
question
The fans were not allowed to recover because they were incidental beneficiaries.
answer
What was the ruling of the court in the Case Opener involving a lawsuit by fans seeking a refund based upon the Tyson and Holyfield fight being stopped in the third round because Tyson bit off a piece of Holyfield's ear?
question
An assignee may decline an assignment if he has not agreed to it and declines in a timely fashion after learning of it.
answer
Which of the following is true regarding an assignee's acceptance of assigned rights?
Business Law
Civil Law
Fair Labor Standards Act
First National Bank
Quality Assurance
Uniform Partnership Act
BAD CH 18,19,23,24 – Flashcards 140 terms

Lesly Lloyd
140 terms
Preview
BAD CH 18,19,23,24 – Flashcards
question
Thalia is an employee of Universal Insurance Company. Universal's employee manual states that workers will be dismissed only for good cause. With respect to the employment-at-will doctrine, this is
answer
an exception based on contract theory.
question
Uri is an employee of Verity Security Services. For Uri to obtain the benefits of federal wage-hour requirements, Verity must be engaged in
answer
interstate commerce.
question
Flem is an employee of Glo Goods, Inc. Flem reports to state officials that Glo is illegally shipping unsafe goods to unsuspecting customers. When Glo learns of Flem's report, Glo fires him. He successfully sues Glo for wrongful discharge. With respect to the employment-at-will doctrine, this is
answer
an exception based on public policy.
question
Cash is an employee of Drowsy Resort, Inc., covered by federal overtime provisions, which apply only after an employee has worked more than
answer
forty hours in a week.
question
Ethan is seventeen years old. Under the Fair Labor Standards Act, Ethan cannot work
answer
in a hazardous occupation.
question
Hoppy, who works as an employee for Imperial Power Corporation, suffers an injury in an accident. Hoppy will be compensated under state workers' compensation laws
answer
only if the injury occurred on the job.
question
Over a forty-year period, Ewa worked in a variety of jobs. She was also occasionally unemployed, briefly hospitalized, and suffered a temporary disability. She retired last year. The key law on all of these subjects is
answer
the Social Security Act.
question
Fruits & Vegetables, Inc., employs hundreds of seasonal and permanent workers, both skilled and unskilled, in seven states. Under the Immigration Act of 1990, Fruits & Vegetables can hire illegal immigrants
answer
under no circumstances.
question
David's family came to the United States from Ukraine in 1895. Eva's family came to this country from Vietnam in 1995. Fiona's family came from Mexico in 2005. Current immigration laws are based on
answer
a system of sanctions against employers who hire illegal immigrants.
question
Mineral Mining Corporation is a U.S. employer. Mineral, and other U.S. employers, must perform I-9 verifications for new hires working under the employer's direct supervision
answer
including contractors and day workers.
question
Southwestern Foods Corporation operates a packaging plant near the border between the United States and Mexico. Due to the location, it would be easier for Southwestern to employ noncitizens. It is legal for a U.S. employer to
answer
recruit persons not authorized to work in the United States.
question
Hu, Ivan, and Juana apply to work for King Meatpacking Company. These individuals' identities and eligibility to work must be verified by
answer
the employer.
question
Unity Production Company is suspected of employing illegal immigrants. The government conducts random compliance audits and other enforcement measures against those who might violate immigration laws through
answer
the ICE.
question
Seafood Canning Corporation keeps a file of I-9 verifications forms. To inspect this file, the appropriate government officer must obtain
answer
not a subpoena, a warrant, or the employer's consent.
question
Socrates Software Corporation wants to hire Tomas, a noncitizen. To hire Tomas, Socrates must petition
answer
Citizenship and Immigration Services.
question
Detailed Designs Company, an architectural firm, wants to hire Eduardo, a noncitizen. A temporary work visa is most likely to be set aside for a noncitizen who is
answer
a "person of extraordinary ability."
question
General Packaging Corporation, a U.S. employer, may hire Hilo, a noncitizen, if Hilo is
answer
a lawful permanent resident of the United States.
question
Cody believes that Delta Corporation has discriminated against him on the basis of gender. Cody files a suit against Delta under Title VII. To establish a prima facie case of employment discrimination, Cody must show that
answer
Cody is a member of a protected class.
question
Hu believes that he is a victim of a form of employment discrimination that falls under Title VII of the Civil Rights Act. Compliance with this statute is monitored by
answer
the Equal Employment Opportunity Commission.
question
Lew, a member of a protected class, applies for a job with Mit-E Construction Company, but fails Mit-E's employment test and is not hired. Lew believes that the test has an unintentionally discriminatory effect. If so, this is
answer
disparate-impact discrimination.
question
Riki files an employment, gender-based discrimination suit against Superior Corporation under Title VII, on a disparate-impact theory. To succeed, Riki must show that Superior hires fewer women than the percentage of
answer
qualified women in the local labor market.
question
Olly applies for a job with Petro Company. Petro does not hire Olly because of his ethnicity, or national origin. This is
answer
disparate-treatment discrimination.
question
Svetlana, a fifty-five-year-old member of a racial minority with a disability, believes that she is a victim of employment discrimination. Potentially the most widespread form of discrimination is based on
answer
age.
question
United Industrial Corporation gives preferential treatment in hiring and promotion to the members of all protected classes. This treatment results in discrimination against members of the majority. This is
answer
reverse discrimination.
question
Research Statistics Corporation uses a merit system to pay its employees according to their job performance. Suki, a female, and Troy, a male, are Research employees with comparable jobs. Due to superior performance, Suki is paid more than Troy. This is
answer
not discrimination.
question
Lloyd and Milly are employees of NuTech Corporation. They have the same job. Under the Equal Pay Act, NuTech can legitimately pay Lloyd more than Milly on the basis of
answer
Lloyd's greater production or seniority.
question
Greta is the only female employee in the maintenance department of Hydraulics Inc. Greta's supervisor and co-workers tease and play tricks on her so relentlessly that she feels compelled to quit. This is
answer
a constructive discharge on the basis of gender discrimination.
question
Rona is Stu's administrative assistant and both work for TriCounty Labor Inc. Stu tells Rona that for sexual favors, he will give her an excellent performance review and recommend a raise. This is
answer
quid pro quo harassment.
question
Fact Pattern 18-1 Kit, manager of Long-Term Care Company's office in Metro City, decides to replace the office's male employees with females. Nia, an assistant manager transferred from a different Long-Term Care office, refuses to cooperate. Kit retaliates against Nia, who quits. Within a year, the male employees also quit. Refer to Fact Pattern 18-1. Kit's conduct is most likely a violation of
answer
Title VII of the Civil Rights Act.
question
Fact Pattern 18-1 Kit, manager of Long-Term Care Company's office in Metro City, decides to replace the office's male employees with females. Nia, an assistant manager transferred from a different Long-Term Care office, refuses to cooperate. Kit retaliates against Nia, who quits. Within a year, the male employees also quit. Refer to Fact Pattern 18-1. Liability for Kit's conduct most likely rests with
answer
Long-Term Care, which should have known, and Kit, who acted.
question
Kyla is a salesperson for Liberty Financial Corporation. Micky is also a Liberty salesperson. Neil is Kyla and Micky's supervisor. Owen is a Liberty customer. Liberty may be liable for sexual harassment to Kyla by
answer
Micky, Neil, or Owen.
question
Piku files an employment discrimination suit against Quotient Accounting, Inc., under Title VII, based on its discharge of Piku. In these circumstances, possible relief under Title VII includes
answer
damages or job reinstatement.
question
Fact Pattern 18-2 Lita replaces Manny in his job at Neighborly Business Corporation (NBC). Refer to Fact Pattern 18-2. Manny believes that he has been discriminated against on the basis of his age. For the Age Discrimination in Employment Act of 1967 to apply
answer
Manny must be forty years of age or older.
question
Fact Pattern 18-2 Lita replaces Manny in his job at Neighborly Business Corporation (NBC). Refer to Fact Pattern 18-2. To succeed with an age-discrimination claim against CBC, Manny will have to show that
answer
Manny is qualified for his job.
question
Silky Coordinates, a women's clothing store, employs female attendants to assist customers in the dressing rooms. Radley, a forty-one-year-old male, applies for an attendant's job, but is not hired. In Radley's suit against Silky for employment discrimination under Title VII, the store has
answer
a bona fide occupational qualification defense.
question
Cal sells "DownSize," a weight-reduction program, from a Web site, in competition with Eat-Less Inc.'s product "Fit 'n Trim." Eat-Less files a suit against Cal, alleging in part that he is a sole proprietor, but his enterprise should be deemed a different form of business. Cal's enterprise should most likely be considered
answer
a sole proprietorship because Cal is a sole proprietor.
question
Leigh wants to go into the business of construction contracting. Among the reasons that would probably convince Leigh to set up his business as a sole proprietorship would be
answer
its greater organizational flexibility.
question
Kelly, the owner of Llama Farms, a sole proprietorship, wants to obtain additional business capital but to maintain control. This can best be accomplished by
answer
borrowing funds.
question
Carl sells Direct Marketing Enterprises, a sole proprietorship, to Erv. This is a transfer of
answer
the ownership of the business.
question
Jim organized, and owns and operates, Jim's Landscaping Service in the simplest form of business organization. This is
answer
a sole proprietorship.
question
Guy and Hanna do business as G-H Associates. If G-H is a partnership, it is governed by the Uniform Partnership Act
answer
in the absence of an express agreement.
question
Sabin and Tyler agree while talking on the phone to form a partnership. Their partnership agreement is legally binding
answer
without more.
question
Bo and Clancy decide to do business as Marketing & Promotion Services. To be a partnership, this association can result from an agreement that is
answer
oral, written, or implied by conduct.
question
Rona and Stiv do business as Treasure Island Traders. In acting on the firm's behalf in a deal with Unlimited Potential, Inc., Rona makes an honest error in overestimating the profit. To her firm, Rona is
answer
not liable.
question
Tundi is a partner in WooHoo! Amusement, a new partnership. A WooHoo! debt comes due. Tundi is
answer
personally liable to the full extent of the debt.
question
Mabel and Nicol do business as One World Realty. In acting on the firm's behalf in a deal with Property Acquisition Company, Mabel fails to account for the profit. To her firm, Mabel is
answer
liable for breach of the duty of loyalty.
question
Rick and Sandy are limited partners in Total Profit Enterprises, a limited partnership. A limited partner has no right to
answer
participate in the firm's management.
question
Dunn and Etta are limited partners in Fancee Fashion Stores, a limited partnership. In terms of the firm's books, Dunn and Etta are entitled to
answer
total access.
question
Fay is a member of Garden Groves LLC. Like other members of limited liability companies, Fay's liability for Garden Groves's obligations resembles the liability of
answer
a shareholder of a corporation.
question
CPA Accounting, LLC, is a limited liability company. If the law in CPA's state is like the law in most states, unless the members have agreed otherwise, participants in the firm's management will be considered to include
answer
all members.
question
China Bank is a foreign entity¾a firm owned and operated by investors in a foreign country. With respect to an LLC in the United States, China Bank can
answer
become a member.
question
QuizBooks LLC is a limited liability company. Like any other LLC, unless QuizBooks chooses otherwise, the firm will be taxed as
answer
a partnership.
question
Build-Rite Construction Corporation and Deals-R-Us, Inc., combine their efforts to build an office and retail complex. Their form of business organization is
answer
a joint venture.
question
Omega Corporation and Precision Coding, Inc., two software firms, wish to combine their research and development capabilities to make a special, limited edition computer game. The most appropriate legal entity for this project might be
answer
a joint venture.
question
Owen, Paula, Quinn, and Rita combine to finance the building of Super Stores, a shopping mall. Their selected form of business organization is an investment group, or
answer
a syndicate.
question
Loni, Michel, and Nita are investors in Oceanic Exploration, a business trust. A business trust is managed by its
answer
trustees.
question
Dreem Land Corporation and EZ Investments Company transfer their property to Financial Managers, Inc., which manages the property and distributes the profits to Dreem and EZ. This form of a business organization is
answer
a business trust.
question
As the beneficiary of a business trust, Kevin's liability for trust debts and obligations is
answer
nothing.
question
Vela and other farmers in Washington County form a business organization to provide, without profit, an economic service to its members. This is
answer
a cooperative.
question
Instead of setting up a business to market her own products, Krissy considers entering into a distributorship franchise with Little Breweries Corporation. This involves the transfer of
answer
a license.
question
Rafe is interested in buying a franchise from Sportz Rulez Company. In this transaction, the Federal Trade Commission's Franchise Rule
answer
enables Rafe to weigh the deal's risks and benefits.
question
Nico is interested in buying a franchise from Oz Inc. For Nico to make an informed decision concerning this purchase, Oz must disclose in writing or online
answer
material facts such as the basis of projected earnings figures.
question
Riley is interested in buying a franchise from Soft Shoe Corporation. Soft Shoe must disclose material facts that Riley needs to make an informed decision concerning this purchase, according to
answer
the Federal Trade Commission's Franchise Rule.
question
Pat enters into an agreement with Ole! Food, Inc., to operate a franchise in Region City. Later, Ole! grants franchises to others within the city, Pat files a suit to close them. This suit will likely
answer
fail if Ole! did not give Pat exclusive rights to Region City.
question
Stacy contracts to buy a franchise from Tender Steak House Company. In this contract, as in most franchise contracts, the determination of the territory to be served is made by
answer
Tender Steak House.
question
A franchise agreement between Simple Software Company and Total Game, Inc., is silent on a time for termination of the franchise. Simple may
answer
terminate on reasonable notice.
question
Pricey Auto Corporation gives notice to Quint that Pricey is terminating their franchise arrangement. Winding up the business requires
answer
returning Pricey's property.
question
Star Resorts Corporation wants to terminate its franchise arrangement with Tony. Their contract does not provide for notice of termination or set a time for winding up the business. This means that to wind up, Tony
answer
has a reasonable time, with notice.
question
Bret buys a franchise from Comida Mexicano Ltd. If their agreement is like most franchise agreements, it will specify that Comida can terminate the franchise
answer
for cause only.
question
Jack buys a Kitchens, Inc., franchise, which the franchisor later terminates. In determining whether the termination was proper, a court will generally
answer
balance the rights of both parties.
question
Edna and Flavia buy a boat that they dock in a marina near Gulfport, Mississippi. On the death of either owner, that owner's interest in the boat passes to her heirs. This is
answer
a tenancy in common.
question
Klondike and Leola own 10,000 shares of stock in My-T Gro Corporation. On the death of ether owner, that owner's interest in the stock passes to the surviving owner. This is
answer
a joint tenancy.
question
Clancy sells shares in Deepwater Pool & Spa Company to Eton. Clancy does not deliver the actual possession of the shares to Eton, but gives him the key to a safety-deposit box in First State Bank in which the stock certificates are locked. Presenting the key is
answer
constructive delivery.
question
During the last years of her life, Barb's chief companion was Sylvia. Barb told Sylvia that she could have a certain painting when Barb died. Barb died without a valid will. Her family refused to give the painting to Sylvia, however, who filed a suit to obtain its possession. Based on the decision in Case 23.1, In re Estate of Piper, the court will most likely rule in favor of
answer
Barb's family, because the painting was never delivered to Sylvia.
question
Nero and Olav each buy certain quantities of oil to sell to Petro Refinery, and agree to share storage costs until Petro can take delivery. The oil is commingled so that Nero's oil cannot be distinguished from Olav's. This is
answer
confusion.
question
Lauren owns a 1967 Ford Mustang, which Mike customizes and details to Lauren's specifications. The car earns several awards at regional vehicle customizing competition shows. The result of Mike's efforts is
answer
accession.
question
Rhett works at Scarlett's Sandwich Café. After work, in the parking lot, Rhett finds a diamond ring lost by Melanie. Title to the ring is possessed by
answer
Melanie.
question
Inadvertently, Bret leaves his briefcase at Clean 'n Dry Launderers when she stops to pick up her clothes. The briefcase is
answer
mislaid property.
question
Mona asks Ned if she can store her furniture in his garage while she serves a tour of duty with the U.S. Marines Corps. Ned agrees. This is a bailment for
answer
the sole benefit of the bailor.
question
Roy leaves his Honda sport utility vehicle at Sam's Auto Service for an oil change. This is a bailment for
answer
the parties' mutual benefit.
question
Sid borrows Tony's paint sprayer to paint his house. Uma allows Vic to store his posthole digger in her shed. The party with a right to use the bailed property is
answer
Sid only.
question
Owen takes a Paisley-made pinball machine to Quality Games, Inc., for repair. Lacking certain parts, Quality ships the game to Regal Repair Company. While in Regal's possession, the game is damaged. Quality can recover for the damage from
answer
Regal.
question
Ben allows Cody to store his trailer on Ben's property for $20 a month while Cody is out of town. Later, Ben notices rainwater collecting in the trailer and covers it with a tarp at a cost of $40. This cost is most likely borne by
answer
Cody only.
question
Stan is liable for the conversion of Tyler's business law textbook
answer
if Tyler proves that the book was in Stan's possession when it disappeared.
question
Uri borrows Vera's boat to enjoy for a weekend. Uri negligently runs the boat aground near Water's Edge Beach, damaging the hull. Liable for the cost of repairing the boat is
answer
Uri only.
question
Bob rents a golf cart at Country Club Golf Course. The brakes are worn, and while Bob is driving the cart, they fail. The cart crashes into a tree, and Bob is injured. Country Club could have discovered, with reasonable diligence, that the brakes were worn. Liability for Bob's injuries most likely rests with
answer
Country Club only.
question
GR8 Stores, Inc., hires Haul-Way Company, a common carrier, to transport fifty large-screen HDTVs from San Diego to Phoenix. En route, a pothole causes the truck to crash, damaging the goods. Liability for the damage most likely rests with
answer
Haul-Way only.
question
BroadView Company arranges to have Carrier Corporation, a common carrier, transport 500 DVD players from New York to California. Dan is Carrier's driver. BroadView will have no cause of action against Carrier if Carrier fails to deliver the players on time because
answer
authorities are stopping and searching all trucks entering California.
question
Tab stores video equipment with U-Store-It, Inc., under a contract that excuses the warehouser from liability for any damage. A fire due to U-Store-It's negligence destroys the equipment. The loss is most likely to be imposed on
answer
U-Store-It only.
question
Venerable Company stores office furniture with Warehouse Storage, Inc. (WSI), under a contract that limits the warehouse company's liability for lost or damaged property to $500. Venerable declines the option to pay a higher storage rate for an increase in the liability limit. The furniture is lost through no fault of WSI. The loss is most likely suffered by
answer
Venerable only.
question
Bret obtains a fire insurance policy on his rental house with Continental Insurance Company. Like all insurance, this policy is an arrangement for
answer
transferring and allocating risk.
question
Dhani is the beneficiary of a life insurance policy on Elmo's life obtained from Famed Insurance Company. The insured under this policy is
answer
Elmo.
question
Grace applies for a homeowners' insurance policy on her house with Heroic Insurance Company through Ian, a broker. In this transaction, Ian is
answer
Grace's agent, and not Heroic's agent.
question
Reno is the beneficiary of a life insurance policy on Sula's life obtained from Thayer Insurance Company. The underwriter of this policy is
answer
Thayer.
question
Mena applies for a homeowners' insurance policy on her house with Neighbors Insurance Company through Obie, an agent who works for Neighbors. In this transaction, Obie is
answer
Neighbors's agent, and not Mena's agent.
question
EZ Rentals Company wants to insure the equipment that it rents to the public. To obtain insurance, EZ must have an insurable interest in the equipment
answer
at the time a loss occurs.
question
Rolling Transport & Storage Corporation wants to insure its warehouse to obtain the maximum possible recovery for the lowest possible premium. To obtain the maximum recovery under a coinsurance clause, the percentage of the value of the property that should be insured is
answer
80 percent.
question
Donald applies for a life insurance policy with Equity Insurance Company through Fletch, an agent who works for Equity. Donald pays the initial premium. Fletch writes a binder, which
answer
indicates that a policy is pending and states its essential terms.
question
Ginny obtains a health-insurance policy for her family from Hope Insurance Company. The policy includes an incontestability clause. Under such a clause, after a policy has been in force for a specified period or time, such as two or three years
answer
Hope cannot contest Ginny's statements in the application.
question
Holly obtains an insurance policy from Inviolable Insurance Corporation (IIC). IIC may cancel, or refuse to renew, the policy because of
answer
none of these choices.
question
Kerin obtains a property insurance policy for her art collection from Lawton Insurance Company. Kerin can cancel the policy
answer
at any time.
question
Edy obtains a homeowners' insurance policy with First Source Insurance Company. First Source can cancel the policy
answer
if Edy fails to pay the premiums.
question
Kelsy obtains a business liability insurance policy from Luminous Insurance Company for Kelsy's Framing & Art Supplies store. When an event occurs that gives rise to a claim, Luminous has a duty to
answer
investigate to determine the facts.
question
Isabel obtains a fire insurance policy on her home from Justice Insurance Company. The home is lost in a fire, but the parties dispute the amount of Justice's liability under an ambiguous clause in the policy. A court would most likely
answer
interpret the clause against Justice.
question
Speedy Shipping Corporation applies to TransInsurance Company for a fire insurance policy on Speedy's warehouse. On the application, Speedy misrepresents the age of the property to obtain a lower premium. When a fire soon destroys the warehouse, TransInsurance can
answer
deny payment, because of Speedy's fraud in the application.
question
Chita owns the land on which Downwind Farm is situated, plus the farmhouse, barn, and other structures permanently attached to the land. Chita's brother Elvin owns everything else on the farm¾implements, seed, and so on. The real property is owned by
answer
Chita only.
question
Kailin owns a farm near Manhattan, Kansas, with a farmhouse, barn, and other structures permanently attached. Kailin grows soybeans on the property. A pond lies within the boundaries. Land includes
answer
the pond, the soil, and the structures.
question
Luke owns a farm near Marshalltown, Iowa, with stands of trees serving as windbreaks. Luke grows corn on the property. When Luke sells the farm to Nina, if the contract does not specify otherwise, the sale includes
answer
the crops and the trees.
question
Bakri owns a house. In the house, on a tile floor is a throw rug. Most likely to meet the definition of a fixture is
answer
the tile floor.
question
Mix-It Concrete Company has the right to enter Nim's land and remove the rock from Nim's quarry. This is
answer
a profit.
question
Patsy possesses twenty-four acres of remote, rugged land. Patsy has the right to use the property, including extracting silver from an existing mine, for life. Patsy also has the right to lease the land for a period not to exceed her life. Patsy's ownership interest is
answer
a life estate.
question
Region Construction Company has a right to drive its trucks across Staple Business, Inc.'s property, which is adjacent to Region's office. This right is
answer
an easement.
question
Moby leases from National Theater Corporation a theater in which to stage a series of concerts. Ollie buys a ticket to the series. What distinguishes Moby, a tenant, from Ollie, a licensee, is
answer
the exclusivity of possession.
question
Opal conveys three acres of wetlands to Pristine Places, Inc., with a deed that warrants only that Opal held good title during her ownership of the property. This deed is
answer
a special warranty deed.
question
Consumer Shops, Inc., signs a lease for a storefront owned by Downtown Building Company. Unlike a purchaser of real property, Consumer Shops
answer
acquires only temporary possession of the premises.
question
Rural Holding Company (RHC) possesses farmland. RHC has the right to use the property, including harvesting the crops, for ten years. RHC does not have the right to extract the coal under the land. This is
answer
a leasehold estate.
question
Jamal signs a lease with Kelvin to occupy a house on Leech Lake in Minnesota for the summer. Jamal's tenancy is
answer
a fixed-term tenancy.
question
Rafe signs a one-year lease with Suki to occupy an apartment in Lawrence, Kansas, near the University of Kansas. Rafe needs the apartment only for two semesters and may have to sublet it for the rest of the term. Rafe's tenancy is
answer
a fixed-term tenancy.
question
Xavier owns a duplex that he leases to Yvon and Zack. Xavier may sell
answer
the duplex at any time.
question
Rita believes that Shady Grove Apartments, Inc., her landlord, has violated the law in a way that entitles her to withhold the rent. This remedy is generally associated with
answer
breach of the implied warranty of habitability.
question
Now Shopping Mall Corporation leases space to Only U Stores and Pik-Ur-Choice, Inc. Later, Pik-Ur-Choice begins to sell items that are similar to Only U's goods, and Only U abandons its space before the end of the lease term. Only U is liable to
answer
Now only for the unpaid rent.
question
Hobby Farms, Inc., owns rural property that it leases to various tenants, including Ira. Ira's transfer of his entire interest in the leased property to a Jason is
answer
an assignment.
question
Bren leases an apartment from Cris for one year. After two months, she sublets the premises for the next six months to Dee, without obtaining Cris's consent. Dee pays the rent for only four months. For the last two months of Dee's six-month term, Bren is
answer
liable for the rent, because Dee defaulted.
question
Fabio makes a living by farming near Gastric Combustibles, Inc., which has discharged pollutants into the area's air and water. If Fabio brings a suit asking for an injunction against Gastric on the ground of nuisance, the court is most likely to rule in Gastric's favor if
answer
Gastric's operation is the core of the local economy.
question
Oak Grove Residences, Inc., owns apartment buildings. Pedro leases one of Oak Grove's apartments. Pedro's transfer of his interest in the lease to Quito for a period shorter than the lease term is
answer
a sublease.
question
Longhaul Trucking Company transports radioactive materials. Marla suffers from cancer. To succeed in a strict liability action against Longhaul, Marla must show that her injury was caused by
answer
Longhaul's operation.
question
Debris Disposal Center operates a recycling plant. Edwin and other Debris neighbors file a suit, alleging injuries from the plant. To succeed, they must show that Debris failed to use reasonable care if the suit is based on
answer
a negligence theory.
question
The Environmental Protection Agency (EPA) has the authority to regulate "any air pollutant." Fresher Air Group, a private organization that supports cleaner air, can file a suit against the EPA to
answer
compel the EPA to act or prevent it from acting.
question
Missoula, Montana, passes an ordinance to regulate waste disposal. The disposal of waste may also be regulated by
answer
all other levels of government.
question
Midwest Power Corporation wants to build a nuclear power plant on private land, for which a federal permit is required. For this action, an environmental impact statement is
answer
required.
question
Truckers Storage Depot, a private company, wants to build a warehouse on private land. For this action, an environmental impact statement is
answer
unnecessary.
question
The Environmental Protection Agency (EPA) has the authority to regulate "any air pollutant." In issuing standards for the discharge of soot and other pollutants, the EPA
answer
does not have to take economic costs into account.
question
Oil Refining Company's plant emits hazardous air pollutants. Regarding these pollutants, the plant must use
answer
the maximum achievable control technology.
question
Eminent Properties, Inc., wants to fill its wetlands to build Fieldview Homes, a residential subdivision. The Clean Water Act prohibits the filling of wetlands unless
answer
the Army Corps of Engineers issues a permit.
question
Little City Company operates a public water supply system. Little City must send to every household that it supplies with water an annual statement describing
answer
the source of the water, and any contaminants and health concerns.
question
Hydraulic Equipment Company makes its products without required pollution control technology, causing a discharge of oily waste into the nearby Idle Lake. This activity can result in
answer
a criminal fine, imprisonment, an injunction, or damages.
question
Metro City operates its own municipal public drinking water system. With regard to pollutants, this system is primarily subject to
answer
the Safe Drinking Water Act.
question
Fruitful Garden Company makes and sells pesticides. For the pesticides to remain on the market, the acceptable level of risk to people of developing cancer from exposure to the products is
answer
one in a million.
question
ChemoCorp, Inc., makes and sells pesticides. If a substance is identified as harmful and the harm is imminent, the Environmental Protection Agency, among other things, can
answer
conduct an inspection of ChemoCorp's plant.
question
Under the Resource Conservation and Recovery Act, before hazardous waste generated by Xtreme Industries, Inc., can be transported, the waste must be properly labeled and packaged by
answer
Xtreme Industries, Inc.
Balance
Finance
First National Bank
Global Financial Crisis
Money Market Deposit Accounts
Required Reserve Ratio
Economics Quiz Chapter 10 – Flashcards 25 terms

Andrew Hubbs
25 terms
Preview
Economics Quiz Chapter 10 – Flashcards
question
Which of the following statements are true? A) A bank's assets are its sources of funds. B) A bank's liabilities are its uses of funds. C) A bank's balance sheet shows that total assets equal total liabilities plus equity capital. D) A bank's balance sheet indicates whether or not the bank is profitable.
answer
C. A bank's balance sheet shows that total assets equal total liabilities plus equity capital
question
Bank capital is listed on the ________ side of the bank's balance sheet because it represents a ________ of funds. A) liability; use B) liability; source C) asset; use D) asset; source
answer
B. liability; source
question
The amount of checkable deposits that banks are required by regulation to hold are the A) excess reserves. B) required reserves. C) vault cash. D) total reserves.
answer
B. required reserves
question
Bank's make their profits primarily by issuing A) equity. B) negotiable CDs. C) loans. D) NOW accounts.
answer
C. loans
question
Banks may borrow from or lend to another bank in the Federal Funds market. A loan of excess reserves from one bank to another bank is recorded as a(n) ________ for the borrowing bank and a(n) ________ for the lending bank. A) asset; asset B) asset; liability C) liability; liability D) liability; asset
answer
D. liability; asset
question
Banks earn profits by selling ________ with attractive combinations of liquidity, risk, and return, and using the proceeds to buy ________ with a different set of characteristics. A) loans; deposits B) securities; deposits C) liabilities; assets D) assets; liabilities
answer
C. liabilities; assets
question
When you deposit a $50 bill in the Security Pacific National Bank, A) its liabilities decrease by $50. B) its assets increase by $50. C) its reserves decrease by $50. D) its cash items in the process of collection increase by $50.
answer
B. its assets increase by $50
question
When a $10 check written on the First National Bank of Chicago is deposited in an account at Citibank, then A) the liabilities of the First National Bank decrease by $10. B) the reserves of the First National Bank increase by $10. C) the liabilities of Citibank decrease by $10. D) the assets of Citibank decrease by $10.
answer
A. the liabilities of the First National Bank decrease by $10
question
A deposit outflow results in equal reductions in A) loans and reserves. B) assets and liabilities. C) reserves and capital. D) assets and capital.
answer
B. assets and liabilities
question
A $5 million deposit outflow from a bank has the immediate effect of A) reducing deposits and reserves by $5 million. B) reducing deposits and loans by $5 million. C) reducing deposits and securities by $5 million. D) reducing deposits and capital by $5 million.
answer
A. reducing deposits and reserves by $5 million
question
If, after a deposit outflow, a bank needs an additional $3 million to meet its reserve requirements, the bank can A) reduce deposits by $3 million. B) increase loans by $3 million. C) sell $3 million of securities. D) repay its discount loans from the Fed.
answer
C. sell $3 million of securities
question
________ may antagonize customers and thus can be a very costly way of acquiring funds to meet an unexpected deposit outflow. A) Selling securities B) Selling loans C) Calling in loans D) Selling negotiable CDs
answer
C. Calling in loans
question
Which of the following statements most accurately describes the task of bank asset management? A) Banks seek the highest returns possible subject to minimizing risk and making adequate provisions for liquidity. B) Banks seek to have the highest liquidity possible subject to earning a positive rate of return on their operations. C) Banks seek to prevent bank failure at all cost; since a failed bank earns no profit, liquidity needs supersede the desire for profits. D) Banks seek to acquire funds in the least costly way.
answer
A. Banks seek the highest returns possible subject to minimizing risk and making adequate provisions for liquidity
question
A bank will want to hold more excess reserves (everything else equal) when A) it expects to have deposit inflows in the near future. B) brokerage commissions on selling bonds increase. C) the cost of selling loans falls. D) the discount rate decreases.
answer
B. brokerage commissions on selling bonds increase
question
Which of the following would a bank not hold as insurance against the highest cost of deposit outflow-bank failure? A) Excess reserves B) Secondary reserves C) Bank capital D) Mortgages
answer
D. Mortgages
question
Holding large amounts of bank capital helps prevent bank failures because A) it means that the bank has a higher income. B) it makes loans easier to sell. C) it can be used to absorb the losses resulting from bad loans. D) it makes it easier to call in loans.
answer
C. it can be used to absorb the losses resulting from bad loans
question
For a given return on assets, the lower is bank capital, A) the lower is the return for the owners of the bank. B) the higher is the return for the owners of the bank. C) the lower is the credit risk for the owners of the bank. D) the lower the possibility of bank failure.
answer
B. the higher is the return for the owners of the bank
question
Banks hold capital because A) they are required to by regulatory authorities. B) higher capital increases the returns to the owners. C) it increases the likelihood of bankruptcy. D) higher capital increases the return on equity.
answer
A. they are required to by regulatory authorities
question
In one sense ________ appears surprising since it means that the bank is not ________ its portfolio of loans and thus is exposing itself to more risk. A) specialization in lending; diversifying B) specialization in lending; rationing C) credit rationing; diversifying D) screening; rationing
answer
A. specialization in lending; diversifying
question
Long-term customer relationships ________ the cost of information collection and make it easier to ________ credit risks. A) reduce; screen B) increase; screen C) reduce; increase D) increase; increase
answer
A. reduce; screen
question
A bank that wants to monitor the check payment practices of its commercial borrowers, so that moral hazard can be prevented, will require borrowers to A) place a bank officer on their board of directors. B) place a corporate officer on the bank's board of directors. C) keep compensating balances in a checking account at the bank. D) purchase the bank's CDs.
answer
C. keep compensating balances in a checking account at the bank
question
When a lender refuses to make a loan, although borrowers are willing to pay the stated interest rate or even a higher rate, the bank is said to engage in A) coercive bargaining. B) strategic holding out. C) credit rationing. D) collusive behavior.
answer
C. credit rationing
question
All else the same, if a bank's liabilities are more sensitive to interest rate fluctuations than are its assets, then ________ in interest rates will ________ bank profits. A) an increase; increase B) an increase; reduce C) a decline; reduce D) a decline; not affect
answer
B. an increase; reduce
question
The difference of rate-sensitive liabilities and rate-sensitive assets is known as the A) duration. B) interest-sensitivity index. C) rate-risk index. D) gap.
answer
D. gap
question
If the First National Bank has a gap equal to a negative $30 million, then a 5 percentage point increase in interest rates will cause profits to A) increase by $15 million. B) increase by $1.5 million. C) decline by $15 million. D) decline by $1.5 million.
answer
D. decline by $1.5 million
Audio
Business Law
Business Management
First National Bank
Business Law Chapter 26 40 terms

Joel Boykin
40 terms
Preview
Business Law Chapter 26
question
Ethel signs a note "payable to the order of Fidelity Bank." Fidelity indorses the note in blank and negotiates it to Ghani, who sells it to Huck. Liability associated with the transfer of the note from Ghani to Huck is
answer
warranty.
question
Puck signs a check "pay to the order of Quik Mart" drawn on Puck's account in Regional Bank. Puck shows the check to Silky, who agrees that the signature is Puck's and that Quik Mart is owed the amount that the check represents. Quik Mart signs the back of the check. Liability on this check extends to
answer
Puck AND Quik Mart ONLY.
question
Toby signs a note "payable to the order of United Credit Union." Unless Toby has a valid defense against payment, Toby's liability on this note is
answer
immediate.
question
Derby Stables writes a check to Extendo Credit, Inc., that is drawn on Derby's account at Farm & Ranch Bank. If the bank does not accept the check, liability for its amount is on
answer
Derby.
question
Nero signs a check "pay to the order of Olive" drawn on Nero's account in Peachtree Bank. Olive signs the back of the check. Secondary liability on this check extends to
answer
Nero AND Olive ONLY.
question
Dirk is the maker of a note, on which Erv is secondarily liable. Friendly Credit Company is the current holder of the note. Erv will be obligated to pay the note if
answer
Dirk defaults on the note.
question
Fact Pattern 26-1A. Seymour writes a check on his account at Platinum Bank to Teri to pay a debt. Teri negotiates the check by indorsement to Rosanna, who presents it for payment to Onyx Bank. Teri is
answer
SECONDARILY liable.
question
Fact Pattern 26-1A. Seymour writes a check on his account at Platinum Bank to Teri to pay a debt. Teri negotiates the check by indorsement to Rosanna, who presents it for payment to Onyx Bank. If Onyx Bank dishonors the check, Rosanna can obtain payment from Teri
answer
if Rosanna timely notifies Teri.
question
To borrow the money to buy a car, Klaus signs a note "payable to the order of Lake City Auto Financing." Minnie cosigns the note to guarantee the repayment of the loan. Minnie's liability on this note is
answer
primary.
question
Audio Science Company's agent Bailey is authorized to draw checks on Audio Science's account in Citizen Bank. The checks are preprinted with the company name. Bailey writes a check "pay to the order of Darlene [signed] Bailey." Darlene presents the check for payment. If Citizen Bank dishonors it, liability extends to
answer
Audio Science ONLY.
question
Celia, an employee of Delite Dairy Company, forges the signature of Elin, Delite's president, on a Delite check and cashes it at First Federal Bank. Elin would ratify Celia's actions
answer
entering into a repayment agreement with Celia.
question
Birdie, an accountant for Country Custom Furniture, Inc., issues company checks payable to nonexistent persons drawn on Country's account at Debit Bank. Birdie indorses the checks and deposits them in her account. Country discovers the theft and demands that Debit recredit its account. Debit's best defense is that
answer
Country was in a better position than Debit to prevent the theft.
question
Rodeo Ranch's agent Slim is authorized to write checks on Rodeo Ranch's account in Town Bank. Upper Range Corporation is a Rodeo Ranch supplier. Slim writes a check on Rodeo Ranch's account "pay to the order of Upper Range [signed] Slim," indorses it in Upper Range's name, and deposits it in his own account in Verity Bank. If Verity Bank collects payment, the ultimate party most likely to suffer the loss is
answer
Rodeo Ranch.
question
Cash National Bank is an HDC of a note for $1,000 on which there is the forged signature of "Dudley." If sued on the note by Cash
answer
Dudley's best defense would be FORGERY.
question
Opalina asks Paolo, who does not understand English, to sign what Opalina says is an application to open a bank account. In fact, the "application" is a note. If sued on the note by an HDC
answer
Paolo's best defense would be FRAUD in the EXECUTION.
question
Chris convinces Dion, who does not understand English, to sign a $1,000 note that Dion believes is an application for a credit card. Chris negotiates the note to EZ Finance Company. Dion
answer
can avoid payment on the note EVEN if EZ is an HDC.
question
Dandy Lyin' Furniture Store borrows $100,000 at 6 percent interest from Easy Loan Company and signs a promissory note for that amount. Easy changes the amount of the note to $120,000 and increases the rate to 8 percent. Easy materially altered the note when it changed
answer
the amount AND the interest rate.
question
Quincy signs a check payable to Richland Investors, Inc., and gives it to Richland, leaving the amount blank but authorizing Richland to fill in the check for $1,000. Richland fills in $1,500 and negotiates the check to Silverado Bank, to whom Richland owes $1,500. Silverado Bank, an HDC, can enforce the check for
answer
$1,500.
question
Laptop Assembly Company gives a $3,000 promissory note to My-T-Fast Delivery Service to deliver a load of computer chips to Laptop's plant. The chips are contami¬nated during transit, and are useless to Laptop on delivery. If My-T-Fast presents the note for payment
answer
Laptop's best defense would be BREACH OF WARRANTY.
question
Bing signs a note payable to the order of Cameron. Cameron indorses the note and gives it to Daphne as payment for a debt. Daphne presents it to Bing, who pays it. Bing's payment discharges
answer
all of the parties.
question
Biff signs a note "payable to the order of County Credit Union." Unless Biff has a valid defense against payment, Biff's liability on this note is
answer
primary.
question
Eula signs a check "pay to the order of Eula" and presents to First National Bank for payment. The types of liability associated with this check are
answer
signature and warranty.
question
Superior Company draws a check payable to Ted. Uri makes a note payable to Vital Finance Corporation. Primarily liable parties include
answer
Uri ONLY.
question
Blayne writes a check "pay to the order of Cherry" drawn on Blayne's account at Dixie Bank. Cherry presents the check for payment to Dixie Bank, which accepts it. The bank is
answer
PRIMARILY liable for payment.
question
Fact Pattern 26-1B. Jake is the maker of a $2,000 promissory note payable to Kim. Kim indorses the note to Lyron who, in turn, indorses it to Mona, who then indorses it to Neville, the present holder. Neville properly presents the note to Jake for payment, but Jake dishonors it. With timely notice to the proper parties, Neville may collect payment on the note from
answer
Kim, Lyron, or Mona.
question
Fact Pattern 26-1B. Jake is the maker of a $2,000 promissory note payable to Kim. Kim indorses the note to Lyron who, in turn, indorses it to Mona, who then indorses it to Neville, the present holder. Suppose that Mona pays Neville on the note. With timely notice to the proper parties, Mona may collect payment on the note from
answer
Jake, Kim, or Lyron.
question
Rex signs a check "pay to the order of Sophie" drawn on Rex's account in Town Bank. To impose liability on Rex if Town Bank dishonors the check, Sophie should present it for payment within
answer
thirty days.
question
Pacific Bank receives a check drawn by Qiana. The check is received after the established "cutoff" hour. Payment can be postponed without dishonor
answer
until the close of the next business day.
question
On January 1, Kane issues a note payable to Lorena on May 1. On April 29, Kane dies. In this situation, the note is
answer
dishonored.
question
Sara agrees to cosign a promissory note for Tom to buy a sport utility vehicle. The note is payable to Uno Bank. Sara is an accommodation
answer
maker.
question
Kip is Lulu's agent and is authorized to write checks on Lulu's account in Metro Bank. Kip writes a check "pay to the order of Nemo." Kip signs the check "Lulu, by Kip, agent." If Metro Bank dishonors the check, liability extends to
answer
Lulu ONLY.
question
Dewey is Ezra's agent and is not authorized to sign checks or notes on Ezra's behalf. Despite the lack of authority, Dewey issues a note "payable to the order of Fab Finance Company [signed] Ezra, by Dewey." Liability on this note extends to
answer
Dewey ONLY.
question
Bob writes a check on his account at County Bank to Darby, a famous singer. The person claiming to be Darby is an imposter, however, named Etta. Etta indorses the check to Felipe, for whom County Bank cashes it. Ultimately, the loss will most likely fall on
answer
Bob.
question
Cole issues a note "payable to the order of Cole," forges Dylan's signature as the maker, and indorses the note "pay to Eton." Cole sells the note to Eton, who negotiates it by indorsement and delivery to Franz. Franz negotiates the note to Gert. On this note, Gert can extend liability to
answer
only Cole, Eton, or Franz.
question
Burt, a mentally impaired person, is asked by Carl to sign a piece of paper that Carl says is an autograph book. In fact, the document is a note. If later sued on the note by an HDC
answer
Burt's best defense would be FRAUD in the EXECUTION.
question
Vera gives Willy a $500 check as payment for a debt. Willy crudely raises the amount of the check to $5,000 and transfers it to Xtreem Sportz store for a new bike. Xtreem deposits the check in its Yankee Bank account. Vera is liable for the payment of $5,000 to
answer
no one.
question
Pete, a Quality Company employee, is authorized to use Quality checks to buy supplies. Pete alters one of the checks to increase its $700 amount by $100, and exchanges it at Retail Office Supply for $700 worth of supplies and $100 cash. He keeps the cash. On the check, Retail—an HDC—may obtain pay¬ment for
answer
$700.
question
Delores's Restaurante borrows $100,000 at 6 percent interest from El Credito y Dinero Company and signs a promissory note for that amount. El Credito changes the amount of the note to $120,000 and increases the rate to 8 percent. Delores's best defense against payment on the note is
answer
material alteration.
question
GR8 Products, Inc., warrants its goods to be free of defects. Heck issues a note to obtain goods from GR8 that prove defective. If GR8 presents the note for payment
answer
Heck's best defense would be BREACH OF WARRANTY.
question
Molly signs a promissory note payable to Nano Credit Corporation while mentally incompetent but before a court judges her to be mentally incompetent. The note is
answer
voidable.
Class Action Lawsuits
Continental United States
Fair Debt Collection
Fair Debt Collection Practices Act
First National Bank
Central Coast College Debt Collection Terminology 24 terms

Steven Ramirez
24 terms
Preview
Central Coast College Debt Collection Terminology
question
Acceptable Debt Collection Phone Call Hours
answer
9am - 8pm
question
Aging Report
answer
A report that shows the time span between issuing an invoice and receiving payment.
question
Audit
answer
Methodical review of an account.
question
Bankruptcy
answer
A legal proceeding that declares a debtor is financially unable to pay a debt.
question
Cash Flow
answer
The process of a business' inflow and outflow of money.
question
Certified Mail
answer
A service provided by the postal service that provides proof of delivery to the sender.
question
CFDCPA
answer
California Fair Debt Collection Practices Act: California's law that governs debt collection practices.
question
Coinsurance
answer
The portion of charges that an insured person must pay for health care services.
question
Collateral
answer
Property acceptable as security for a loan or other obligation.
question
Collecting
answer
The process of identifying what is due for a service and receiving payment.
question
Collection Agency
answer
A company that specializes in collecting debt for businesses.
question
Collector
answer
A business' employee that is attempting to collect a debt.
question
Copay/Copayment
answer
An amount that a health plan requires a patient to pay at the time of service.
question
Debt
answer
An obligation to pay for something owed, such as money owed for goods or services.
question
Debtor
answer
A customer that owes a debt.
question
Deductible
answer
An amount that an insured person must pay, usually each year, before an insurance company will be responsible for paying.
question
Delinquent
answer
An payment or account that is Past-Due.
question
Dun
answer
The process of persistently requesting payment.
question
EOB and RA (Explanation of Benefits or Remittance Advice)
answer
Documents from an insurance company that shows how a patient's medical benefit was determined.
question
FDCPA
answer
The Fair Debt Collection Practices Act: The primary U.S. federal law governing debt collection practices.
question
Final Notice
answer
One of the last steps in the collection process. Usually explains to the debtor the negative consequences for letting the debt remain unpaid.
question
Payment Plan
answer
A plan agreed to by the business and debtor that outlines the timing and amount of payments due on a debt.
question
Secured Debt
answer
A debt where collateral has been offered if the debt goes unpaid.
question
Unsecured Debt
answer
Debts where there is no collateral, for example medical debts, credit given by a business for goods and services, credit card debts.
Economic Activity
First National Bank
U.S. History I Chapter 10 Test Review – Flashcards 30 terms

James Storer
30 terms
Preview
U.S. History I Chapter 10 Test Review – Flashcards
question
What type of system allows people to buy, sell, and produce whatever they want?
answer
free enterprise system
question
Where and when did the industrial revolution begin?
answer
Great Britain
question
Where did the Industrial Revolution begin in the United States?
answer
New England
question
Why would cities develop along waterways?
answer
factories could use the water for power and for shipping
question
What do investors do in hopes of making a profit?
answer
invest capital
question
When Francis Cabbott Lowell opened up a textile plant in Massachusetts in 1814, what was this a first example of in the United States?
answer
factory system
question
What are interchangeable parts?
answer
are identical machine pieces that can be quickly assembled to make a complete product.
question
In the 1800s, what was the leading economic activity in the United States?
answer
farming
question
What is the name of the machine that increased the efficiency of making cotton cloth?
answer
cotton gin invented by Eli Whitney
question
In 1790 the U.S. population was 4 million. What was the population in 1820?
answer
10 million
question
What was a major disadvantage of American river travel in the early 1800s?
answer
most major rivers in the eastern United States flow in a north-south direction
question
Who built the "Clermont" in 1807, a powerful steamboat?
answer
Robert Fulton
question
The Clermont was designed to travel from where to where?
answer
New York to Albany
question
What is a canal?
answer
an artificial waterway
question
Why were canals built?
answer
Because steamboat travel was limited to existing river systems in the 1820s, canals were built, which tied the eastern and western parts of American together with waterways.
question
What is a canal made up of?
answer
locks, separate compartments which water levels are raised or lowered
question
Why did many pioneer families settle near rivers?
answer
Rivers allowed them to ship their crops and other goods for sale.
question
Since many people tended to settle with others from their original communities, where did many of the settlers in Indiana come from?
answer
Kentucky and Tennessee
question
What is sectionalism?
answer
loyalty to a region
question
What region did Henry Clay represent as a Congressman?
answer
He represented the interests of the Western states and became known in the early 1800s as the national leader who tried to end sectional conflicts through compromise.
question
Who was known as "The Great Compromiser"?
answer
Henry Clay
question
What agreement set limits on the number of naval vessels that Great Britain and the United States could have on the Great Lakes?
answer
Rush-Bagot Treaty
question
At what convention was the official boundary between the United States and Canada determined?
answer
Convention of 1818
question
Who was the Mexican priest that was executed by Spain for leading a rebellion against Mexico and wanting racial equality and redistribution of land?
answer
Miguel Hidalgo
question
What is the name of the doctrine that was issued by the President of the United States on December 2, 1823? He declared the U.S. would not interfere with existing European colonies in North and South America, but it would oppose any new one?
answer
Monroe Doctrine
question
How did the Industrial Revolution begin and what was its effect on American society & economy?
answer
In the mid-1700s, inventors in Great Britain created machinery to perform some of the work involved in cloth making. These innovations led to changes, not only in industry, but also in the way people lived. Instead o fusing hand tools to produce goods at home, goods were manufactured in factories. Although many people continued a farming way of life, many went to work in factories, contributing to the growth of cities. The Industrial Revolution spread through the United States forever changing the pace of life and the ways in which many people worked.
question
How did the transportation improvements of the 1800s affect the demographics, the economy, and the establishment of new states?
answer
To support the movement of people and goods, a National Road was built to connect the East with the Ohio River Valley, Private companies built turnpikes, which required a fee for travel. Canals were built to transport goods, helping not only to lower shipping costs but also helping to unite the country. People also started traveling on rivers by steamboats. A Unique Western culture was developing.
question
What were the intense sectional differences of the 1800s as seen through the positions of Webster, Calhoun, and Clay?
answer
Slavery, The Missouri Compromise, regarding admitting new states, was struck to ease these differences. Webster - supported the Tariff of 1816, he thought it would strengthen the U.S. as a whole, not just the North. He defended the nation against sectional interests. Calhoun - War Hawk who called for a war with Britain in 1812. He was a nationalist, favored support for internal improvements and developing industries and backed a national bank. Clay - The American System - protective tariff to stimulate the growth of the nation's industries; a program of internal improvements, especially the building of roads and canals to stimulate trade, and a national bank to promise currency throughout the nation and to lend money to build developing industries.
question
Why was Monroe's presidency known as the Era of Good Feelings?
answer
There was a spirit of unity that existed throughout the country. Monroe called for tariffs to protect new industries, for a national bank, and for some national development programs.
question
What was the Monroe Doctrine and how did it affect foreign policy?
answer
A statement declaring that the United States would oppose any new European colonies in North and South America.